Is there a federal student loan repayment plan that’s designed for someone who expects to make more income over time?
Although you could consider any federal student loan repayment plan, the Graduated Repayment Plan and the Extended Repayment Plan using the graduated option provide for incremental increases in the required minimum monthly payment over time on your eligible federal student loans. Initial payments are low (typically covering only the accrued interest) and then increase at scheduled points in time. For more information about these two plans visit our Lower My Payments page. Another plan to consider is Income-Based Repayment (IBR) if you are currently experiencing a “partial financial hardship.” For more information about IBR, visit our IBR page.
Related Questions
- What federal student loan repayment plan produces the lowest total cost in interest paid over the life of loan repayment?
- Is there a federal student loan repayment plan that’s designed for someone who expects to make more income over time?
- What do I need to be qualified for a new Income Based Repayment Plan for my student loan?
